‘Without a doubt the best in the market', corporate heavyweight Alemán, Cordero, Galindo & Lee has a particularly strong presence in the banking and energy sectors, advising on high-profile M&A, joint ventures and corporate reorganisations in these fields. Equally adept at acting on the buyer and the seller side of complex transactions, the team is widely recognised for its ability to handle cross-border mandates, and also draws on the firm’s full-service model to assist with related regulatory and labour issues. Arturo Gerbaud, a go-to adviser on banking-related deals, and Alejandro Ferrer, who has an excellent record in M&A in the telecoms and energy sectors, lead the practice. Other key names at partner level include transport and energy specialist Raúl Borrell, Rita de la Guardia, who is well versed in both local and international transactions, Patricia Cordero and Rafael Marquínez. The talented associate team includes Diego Anguizola and Rafael Amar.

The 'very pragmatic' team at transactional powerhouse Arias, Fábrega & Fábrega is widely recognised for its impressive record in cross-border M&A - particularly deals involving multiple jurisdictions in the US and Latin America - benefitting from the strong international profiles of its members and its membership of the Lex Mundi network. The firm's recent caseload includes advising on high-profile domestic and international M&A in the financial, shipping, hospitality and energy sectors, in addition to corporate restructurings and corporate finance. Ricardo Arango leads the M&A side of the practice, while Rodrigo Cardoze heads the corporate counsel and 360 legal solutions group. The sizeable, 15-lawyer-strong team also includes Estif Aparicio, a key name for corporate finance matters; Andrés Rubinoff, a leader in M&A; Fernando Arias F, who co-heads the hospitality practice; Javier Yap Endara, an expert in fintech; senior international associate Donald Canavaggio; international associate Isabella de la Guardia; and associate Daniela Delvalle. The firm also has a dedicated pro bono and CSR committee.

Galindo, Arias & López's ‘truly outstanding' team is continually sought out by major Latin American multinationals to advise on high-end domestic and cross-border M&A. In addition to its traditional strengths in the highly regulated energy and telecoms sectors, the team has recently handled significant deals in the real estate, food and beverages and healthcare spheres, and leverages the firm’s full-service model to assist with related tax, labour and regulatory issues. Diego Herrera, whose broad practice encompasses M&A and corporate finance, leads the team alongside Ramón Ricardo Arias, a go-to name for corporate, commercial and tax matters. The deep bench also includes Jose Luis Sosa, who has a strong reputation for handling both local and multi-jurisdictional M&A, Beatriz Cabal, whose recent experience covers advising on complex, cross-border corporate restructurings, associates Andrés Sanjur, an expert in advising regulated entities, and Raúl Morales, and of counsel Daniel Sessa.

Morgan & Morgan's team of ‘terrific' lawyers is commended for its skill in high-profile domestic and cross-border M&A, with a standout recent record in the financial, logistics, food and beverages, real estate and pharmaceutical sectors. The firm also plays a prominent role in advising multinationals on establishing their headquarters in Panama, and on all related corporate, finance, antitrust, labour and regulatory issues. Francisco Arias, who also leads the real estate department, and ‘outstanding' M&A and regulatory specialist Roberto Vidal oversee the team. Inocencio Galindo and the ‘exceptionally talented' Aristides Anguizola, who are noted for their expertise in the mining and infrastructure sectors, Kharla Aizpurúa, and energy specialist Ana Carolina Castillo are other key names at top level. The capable pool of associates includes international associate Miguel Arias M., who wins praise for his real estate expertise, and senior associate Alejandro Vasquez. Clients also benefit from the firm’s MorganNet platform, which automises the management, preparation and follow-up of matters.

The ‘exceptional' corporate team at Alfaro, Ferrer & Ramírez wins praise for delivering a ‘one-stop-shop service for complex transactions', with extensive experience spanning both local and cross-border M&A, as well as related commercial, regulatory, tax and labour issues. The firm has a strong recent record in deals in the energy, telecoms and real estate sectors, but its broad client base also covers the banking, hospitality and pharmaceutical industries, among others. Alejandro Alemán and Ricardo Moreno, both well-known names for M&A and corporate tax, steer the practice. Other key figures in the sizeable team are compliance specialist Luis López Alfaro; Roberto Harrington, who enjoys a strong profile in transactional matters; and Juan Antonio Alfaro, an expert in the projects and infrastructure space. The capable pool of associates includes Alfredo Ramírez Pabón, Ana Cristina Negrón and Daniela Meana.

Advising on multi-jurisdictional M&A is a strong suit of the corporate team at Fabrega Molino, which has handled a string of transactions in the food and beverages, consumer goods and financial sectors – to name but a few – over the past year. The multidisciplinary team also assists with all related tax, labour, regulatory and commercial matters. José Agustín Preciado, who is skilled in M&A and real estate transactions, leads the team with Juan Pablo Fábrega, whose broad practice also takes in the incorporation and structuring of Panamanian corporations, while Gretel Ciniglio focuses on advising high-net-worth families. The firm also benefits from a strong group of associates – Pablo Martinelli and Federico Moreno concentrate on corporate matters, while Juan Raúl Sosa assists with related tax issues.

Highlighted for its ‘in-depth knowledge of commercial matters' and ‘practical and effective advice', Icaza, González-Ruiz & Alemán advises predominantly multinational clients on the full range of corporate matters, from M&A (including cross-border transactions) to joint ventures, the incorporation of special purpose vehicles, commercial contracts and regulatory issues. Practice head Alexis Herrera Jr has ‘extensive experience' advising on M&A, particularly in the energy and infrastructure sectors, and acting for multinationals in Panama’s free trade zones. Other prominent members of the team are Luis Chalhoub, who has expertise in M&A, consumer protection and competition matters, Gabriel González-Ruiz and Álvaro Alemán. At associate level, Adolfo González-Ruiz and Ana Silvia Velásquez (who joined from Alemán, Cordero, Galindo & Lee in September 2023) are among the names to note. The firm also has a robust commitment to providing pro bono services through its foundation, Fundación IGRA.

The ‘excellent' team at LOVILL, which garners praise for its ‘efficient service', continues to play a prominent role in assisting multinational clients with their entry to the Panamanian market and their expansion throughout Latin America and the Caribbean, with a broad practice that encompasses advice on M&A (with an emphasis on multi-jurisdictional transactions), joint ventures, company incorporations, commercial contracts and compliance issues. In addition, the team has a notable strong suit in advising family offices on their investments in Panama, particularly in the real estate sector. Founding partners Elizabeth Heurtematte and Isabel Cristina López lead the team, while the ‘creative' and ‘patient' Alejandro Fung, who is well versed in local and cross-border M&A, and Jeannette Bravo are also key figures in the practice.

Patton, Moreno & Asvat's ‘creative' and ‘diligent' corporate team is frequently sought out by multinationals from the banking, retail, telecoms and tech sectors, among others, to advise on their operations in Panama. The team is skilled in handling cross-border mandates, including advising on the Panamanian components of multi-jurisdictional M&A and corporate restructurings, and also assists with associated financial, tax and regulatory issues. Managing partner Ebrahim Asvat, who lends complementary expertise in tax and arbitration to the practice, María de Lourdes Marengo, a specialist in the aviation sector, and the ‘extraordinary' Khatiya Asvat, a go-to adviser to multinationals establishing businesses in Panama, lead the team. Nadya Price, who routinely advises on corporate and financing transactions in the maritime sector, is also a key contact.

Arias' corporate team is particularly distinguished by its ability to advise on cross-border M&A, frequently joining forces with the firm’s other offices in Central America – as well as with leading international law firms – to act for major multinationals in regional deals. The team also has robust skill sets in assisting international companies from a diverse array of sectors – including financial services, pharmaceuticals, textiles and energy – with restructurings, corporate governance and compliance matters. María Cristina Fábrega heads the transactional side of the practice, frequently coordinating teams from various Central American jurisdictions, while Yuri Moreno is a key adviser on day-to-day corporate matters, supported by director Denise Littman.

Already well regarded for its IP practice, Estudio Benedetti has continued to expand its corporate offering to international clients over the past year, frequently advising on the establishment of new branches in Panama, with particular strength in the field of restaurant franchises. In addition, the firm assists with commercial and regulatory issues affecting clients’ day-to-day operations, including advertising and data protection matters. Experienced partners Ramón Benedetti V and Ramón Benedetti Alemán head the team alongside ‘excellent, agile, fast and very efficient’ senior associate Isabella Pecchio, who joined the firm in April 2023.

Singled out for its ‘accessibility and solid strategic recommendations', the ‘extraordinary' team at Delvalle, Escalona, Levy & Corró acts for a growing roster of local and international clients from across the oil and gas, financial services, aviation, healthcare and energy sectors. The firm is a strong performer in M&A, with notable experience in transactions involving multiple jurisdictions in Latin America, and also advises on commercial and regulatory issues. The quartet of founding partners leads the practice: Alberto Levy and Diego Corró are the key advisers on transactional mandates; Felipe Escalona focuses on the aviation sector; and Ricardo Delvalle is noted for his regulatory expertise.

Combining ‘deep knowledge of the Panamanian market' with access to the firm’s global platform, ECIJA is well equipped to advise local and multinational clients – including household names from the pharmaceutical, media and logistics sectors – on corporate matters relating to their operations in Panama. Daniel Shamah, who heads the ‘outstanding' team, is a key adviser on company incorporations, M&A, compliance and corporate governance, while Armando Córdoba brings significant experience in the tech industry. The firm also offers various technology resources, including ECIJA Tech, the consulting arm of the firm focused on assisting clients with the digitalisation of their legal departments.

Praised for its ‘holistic approach to providing legal services', Pardini & Asociados has a strong focus on advising international clients, ranging from family offices to major global companies from the aviation, oil and gas, logistics and telecoms sectors, on corporate matters in Panama. In addition to assisting with M&A, corporate restructurings and joint ventures, the team has a robust recent record of advising multinationals on establishing their Latin American headquarters in the country. Managing partner Juan Francisco Pardini, who stands out for his ‘deep expertise' in M&A and foreign investments, leads the team alongside Juan José Espino.

Quijano & Associates frequently leverages its ‘unmatched local knowledge' and close connections with international law firms to advise on cross-border transactions with a Panamanian element. In addition, the firm is skilled in handling domestic M&A and the structuring of trusts and investment funds. The team is highlighted for its ‘deep understanding of the unique challenges faced by energy clients', but also counts key names from the financial services, retail and education sectors among its clients. Oliver Muñoz leads the team, supported by senior associate Luis Miguel Rojer. The firm’s online portal, QA Hub, is also an asset for clients, enabling them to make updates and requests.